temple bar, dublin 2 - amazon s3s3-eu-west-1.amazonaws.com/mediamaster-s3eu/b/8/b8ab53ad... ·...

T E M P L E B A R , D U B L I N 2

F O R S A L E B Y P R I V A T E T R E A T Y | T E N A N T S N O T A F F E C T E D

2

6

13

14

15

16

18

19

20

THE OPPORTUNITY

LOCATION

DESCRIPTION

TENANCY

INCOME PROFILE

SCHEME LAYOUT

RECENT SALES

RETAIL MARKET

CONTACTS

C O N T E N T S

THEOPPORTUNITYICONIC DUBLIN CITY CENTRE COMMERCIAL PROPERTY SITUATED IN THE TOURIST AND CULTURAL HEART OF THE CITY

PASSING RENT PRICING IN EXCESS OF

€700,000 PER ANNUM

Upper floor residential units owned by Dublin City Council on long lease and were subject to a recent refurbishment programme.

reflecting a net income yield of 5.70% after standard

purchaser’s costs.with 57% of income derived from 3 tenants.

€11,750,000

to Ireland in 2016 with Temple Bar providing a key Dublin attraction. Well known adjoining occupiers include The Oliver St. John Gogarty, The Auld Dubliner licensed premises together with the Morgan Hotel.

OF RETAIL AND RESTAURANT UNITS1,588.7 SQ M (17,100 SQ FT)

8.8 MILLION OVERSEAS VISITORS

occupied by established traders such as Elephant & Castle, Gallaghers Boxty House and Café Nero amongst others.

YEARSWAULT

9.0

2 3

4 5

C R A M P T O N B U I L D I N G S

Grafton St.

Trinity College

Former Central Bank Building

O’Connell St.

Luas Cross City Route




Temple Bar

Jervis St. Shopping Centre

Dame St.

ILAC Shopping Centre

Henry St.

Temple Bar is situated in the core of Dublin

City Centre immediately south of the River

Liffey and 50m west of O’Connell Bridge. The

area is one of Dublin’s most vibrant and thriving

cultural hubs attracting significant visitors

annually to its cobbled streets, colourful social

scene and established traders.

The Crampton Buildings are situated in the

centre of Temple Bar immediately adjacent

Meeting House Square. The multi-let

development has frontage onto Temple Bar,

Bedford Row, Adsills Row and Crampton Quay

and benefits greatly from its proximity to the

Ha’Penny Bridge which acts a high volume

pedestrian link between north and south city

retailing districts.

Future development in the immediate vicinity,

most notably the former Central Bank

building, will bolster the vibrance of the area

further ensuring Temple Bar remains one of

the busiest districts in Dublin City.

LOCATION

6 7


GEORGES QUAY

ASTON QUAY

GEORGE’S QUAY

CRAMPTON QUAYBACHELORS WALK

TAR

A S

TR

EET

D’OLIER STREET

WES

TM

OR

ELA

ND

ST

EDEN QUAY

O’C

ON

NELL ST

PARNELL STREET

JERV

IS STR

EET

MARY STREET

HENRY STREET

ABBEY STREET

JERVIS STREET

TALBOT STREET

TALBOT STREET

CA

PEL ST

REET

PAR

LIAM

ENT

ST

GEO

RG

ES S

TR

EET

EXCHEQUER STREET

AU

NG

IER

ST

REE

T

GR

AFT

ON

ST

REE

T

MOLESWORTH ST

DA

WSO

N S

TR

EET

KIL

DA

RE

STR

EET

MER

RIO

N S

TREE

T U

PPER

BAGGOT STREET LOWER

PEM

BRO

KE S

T LO

WER

CUFFE STREET

KEVIN STREET

PAT

RIC

K S

TR

EET

DAME STREET COLLEGE GREEN

MA

RLB

OR

OU

GH

ST

GA

RDIN

ER STREET LO

WER

MO

SS

STR

EET

TOWNSEND STREET

PEARSE STREET

NASSAU STREET LINCOLN

T E M P L E B A R

G R A F T O NS T R E E T

S H O P P I N GD I S T R I C T

H E N R YS T R E E T

S H O P P I N GD I S T R I C T

Busaras

Abbey

Jervis

FourCourts

Dominic

O’ConnellUpper

O’ConnellGPO

Trinity

Dawson

Marlborough

St.Stephen’s

Green

DUBLINCASTLE

TRINITYCOLLEGE

CHRISTCHURCHCATHEDRAL

HA’PENNYBRIDGE

THESPIRE

ST. PATRICK’SCATHEDRAL

ST STEPHEN’SGREEN

EW

N

S

CGI Image

CGI Image

9


8

The Crampton Buildings were originally developed

in 1891 by the Dublin Artisans Dwelling Company.

The U-shaped three storey building currently comprises

10 retail units and 28 own door Apartments over-head

which are held by Dublin City Council under a 999 year

lease and accessed via Adsill’s Row. The apartments

have recently undergone a substantial refurbishment

modernising the upper floors to current building

regulations.

The subject interest comprises the ground and

basement retail units of the entire block which extend

to an NIA of 1,588.7 sq m (17,100.62 sq ft) and

incorporates frontages onto Temple Bar, Bedford

Row and Crampton Quay. The block is let in its entirety

to well know traders such as Elephant & Castle,

Gallaghers Boxty House, Café Nero, Starbucks and

Forbidden Plant amongst others.

THE CRAMPTON BUILDINGS CURRENTLY COMPRISE 10 RETAIL UNITS AND 28 OWN DOOR APARTMENTSAPARTMENTS HELD UNDER SEPARATE OWNERSHIP BY DUBLIN CITY COUNCIL

DESCRIPTION

Residential access from Adsill Row Bedford Row

12 13


The Crampton Building is occupied by a range of leading

domestic and international traders accounting for €700,000 of

rent and a WAULT of 9.0 years. The vendor will underwrite all

existing tenant inducements to include rent free periods and

lease rent steps.

The management regime is operated directly by the landlord with

the 2016/2017 Service Charge Budget equating to €14,026 +VAT

per annum. The majority of this is recoverable from the scheme

tenants however a non-recoverable service charge of €4,598.27 +

VAT is currently discharged by the landlord (Subject to Change).

(1) All rent free’s and rent steps will be underwritten by the Vendor via apportionment on closing. (2) Rent steps as follows: yr 1 €25,000, yr 2 €30,000, yr 3 €35,000, yr 4 €35,000, yr 5 €40,000. Steps will be underwritten by vendor. (3) Service Charge not recoverable

– 100% Scheme occupancy

– €400,000 (57% of Income) derived from three units fronting Temple Bar two of

which have highly established trade.

– WAULT of 9.0yrs to sooner of lease Break or Expiry.

– A number of rent reviews due in short term with reversionary potential.

TENANCY INCOME PROFILE

UNIT LOCATIONFLOOR AREA SQ. M

FLOOR AREA SQ. FT

TENANT GUARANTOR LEASE START DATE

LEASE EXPIRY DATE

LEASE RENTPER ANNUM (1)

NEXTRENT REVIEW

BREAKOPTION

18-19 Temple BarGrd. 130.8Bst. 80.2

Grd. 1,408Bst. 863

Elephant & Castle Limited T/A Elephant & Castle

N/A 01/09/1994 31/08/2029 €160,000 (3)01/09/2019

Upwards OnlyN/A


Grd. 1,334Bst. 767

Boxty House Limited T/A Gallaghers Boxty House

N/A 15/04/2014 14/04/2034 €120,000 (3)15/04/2019Market Rent

15/04/2024


Grd. 1,087Bst. 774

Café Nero Ireland LimitedT/A Café Nero

Nero Holdings Limited (UK) 04/09/2017 03/09/2032 €120,000 (1)03/09/2022Market Rent

03/09/2027

1-2 Bedford RowGrd. 61.4Bst. 47.8

Grd. 661Bst. 515

Temple Bar Shops LimitedT/A La Gondola

Moussa Bouguerra 01/10/1987 30/09/2022 €58,000 (3)01/10/2017

Upwards OnlyN/A

3-4 Bedford RowGrd. 64.7Bst. 56.8

Grd. 696Bst. 611

Mark CheungT/A Banyi Japanese Dining

N/A 07/03/2016 06/03/2026 €45,00001/10/2017

Market Rent07/03/2021

5 Bedford RowGrd. 28.0Bst. 27.2

Grd. 301Bst. 293

ULU’s Enterprise Limited T/A Cocobrew

N/A 31/08/2016 30/08/2026 €14,00031/08/2021

Market Rent31/08/2023

6 Bedford RowGrd. 23.7Bst. 12.1

Grd. 255Bst. 130

The Best Barbers Limited T/A The Best Barber

N/A 24/05/2015 23/05/2025 €13,00024/05/2020Market Rent

24/05/2020

1-3X Crampton QuayGrd. 138.4Bst. 135.0

Grd. 1,490Bst. 1,453

Tailes LimitedT/A Starbucks

N/A 10/07/2017 09/07/2037 €75,000 (1) N/A N/A

4 Crampton QuayGrd. 64.9Bst. 58.0

Grd. 699Bst. 624

Irish City Link Comfortdelgro Limited

T/A City LinkBraddell Limited 27/01/2016 26/01/2031 €40,000**

27/01/2021Market Rent

27/01/2021

5-7X Crampton Quay Grd. 144.0Bst. 147.6

Grd. 1,550Bst. 1,589

Forbidden Plant (Scotland) Limited

T/A Forbidden PlanetN/A 11/09/2017 10/09/2027 €55,000 11/09/2022 11/09/2022

Total Grd. 880.8Total Bst. 707.9

Total Grd. 9,480Total Bst. 7,619

TOTAL 1,588.7 17,100 €700,000

14 15


H A ’ P E N N Y B R I D G E

EXT

ERN

AL W

ALK

WA

Y

CR

AM

PT

ON

Q

UA

Y

A S D I L L S R O W

FL

EE

T

ST

RE

ET

(

TE

MP

LE

B

AR

)

20 T

EMP

LE BAR

18-19 TEM

PLE BA

R

22 TEM

PLE BA

R23 T

EMP

LE BAR

1-2 BEDFORD ROW 3-4 BEDFORD ROW 5 BEDFORD ROW 6 BEDFORD ROW

C O U R T Y A R D

1-3 CRA

MPTO

N Q

UAY

4 CRA

MPTO

N Q

UAY

5-6 CRA

MPTO

N Q

UAY

7 CRA

MPTO

N Q

UAY

R I V E RL I F F E Y

B E D F O R D R O W

M E R C H A N T ’ S A R C HT E M P L E B A RS Q U A R E

THE AULDDUBLINER

THE OLIVERST. JOHNGOGARTY

L A G O N D O L A T H E B E S TB A R B E R

SCHEME LAYOUT

16 17

RETAIL MARKET

IRELAND’S ECONOMIC SUMMARY

Investment returns from Irish Commercial property have normalised

since the market recovered with growth of 2.1% recorded for the second

quarter of 2017 across all sectors compared with 3.1% for the same period

last year. This follows the 2.0% growth recorded in Q1 2017. The market

has been driven by rental growth in particular which is now driving capital

value increases across all sectors. On an annual basis total returns across

all property types are up 10% relative to 2016.

1ST

12%2.9%

4.5%

8

POPULATION GROWTH (2006-2016)

GROWTH IN CONSUMER SPENDING

EMPLOYMENT GROWTH (YEAR ON YEAR)

OVERSEAS VISITORS

IN EUROPEFOR ECONOMIC GROWTH

MILLION

RECENT SALESTRANSACTION PRICE RENT YIELD PURCHASER

Morrison Chambers, Nassau Street, Dublin 2

€14m €548,000 + T/o Top up 4.25% Meyer Bergman

McDonalds, Temple Bar, Dublin 2 €6.55m €350,317 5.12% Private Investor

Madrid Portfolio, Dublin 2 €30m €1,063,113 4.07% Friends First

Grafton Collection,Dublin 2

€55m €1,881,345 3.27% Hines

18 19


CONTACTSTENUREFreehold with Dublin City Council holding a 999 year lease in

respect of the apartment complex above.

VATThe property will be sold by way of a Transfer of Business Relief

DATAROOMA data room containing legal documents and background

information is available. Please contact Bannon or log onto

www.cramptonbuildings.com to request access.

PROPOSALWe are guiding €11,750,000 representing a Net Initial Yield of 5.70%

after standard acquisition costs of 4.46%.

VIEWINGSStrictly by appointment through the sole selling agent

PLANNING The property is situated in an area zoned Objective Z5 “To

Consolidate and facilitate the development of the central area and

to identify, reinforce and strengthen and protect its civic design,

character and dignity” under Dublin City Council Development

Place 2011 -2017. The Crampton Buildings are listed as a Protected

Structure (#2069) under Dublin City Council’s record of

protected structures.

BERThe property is a protected structure thus BER exempt.

SOLICITORSLeman SolicitorsJohn Hogan

T: +353 1 639 3000

E: [email protected]

David Carroll

+353 (0) 1 6477961

[email protected]

PSRA Licence No. 001830-002130

Rod Nowlan

+353 (0) 1 6477900

[email protected]

PSRA Licence No. 001830-002131

Hambleden House

19-26 Pembroke Street Lower

+353 (0) 1 647 7900

www.bannon.ie

ASSET & INVESTMENT MANAGER

20

WWW.CRAMPTONBUILDINGS.COM

temple bar, dublin 2 - amazon s3s3-eu-west-1.amazonaws.com/mediamaster-s3eu/b/8/b8ab53ad... ·...

Documents